{"id":13224,"date":"2018-06-03T22:57:47","date_gmt":"2018-06-03T22:57:47","guid":{"rendered":"https:\/\/one.sightlinemg.com\/navytimes\/native\/uncategorized\/mission-possible-buying-a-home-in-a-competitive-market\/"},"modified":"2026-08-08T05:18:23","modified_gmt":"2026-08-08T05:18:23","slug":"mission-possible-buying-a-home-in-a-competitive-market","status":"publish","type":"native","link":"https:\/\/one.sightlinemg.com\/navytimes\/native\/navy-federal\/mission-possible-buying-a-home-in-a-competitive-market\/","title":{"rendered":"Mission possible: buying a home in a competitive market"},"content":{"rendered":"\n

According to a recent survey by Navy Federal Credit Union<\/a>, 40 percent of consumers between the ages 18 and 44 are in the market for a home. As more consumers from this group shop for a home, competition grows. So, like any important military mission, planning ahead is the key to success.<\/p>\n\n\n

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It’s home-buying season and you have to move quickly to buy your dream home. That means you need to be prepared if you are in the market for a home. Jeanette Mack talks with Randy Hopper, Senior Vice President Mortgage Lending at Navy Federal Credit Union about what home buyers need to do to be prepared.<\/figcaption><\/figure>\n\n\n

Start early<\/b><\/p>\n\n\n\n

If buying a home is on your horizon, the best time to start the process is right now. That\u2019s because it can take a few weeks to get yourself in a position where you can make a successful offer on the home you want.<\/p>\n\n\n\n

Start by understanding the financial factors that impact your purchasing power \u2013 your budget, credit score, cash flow, debt and savings. It\u2019s also a good idea to think about how long you plan on living in the home you\u2019re in the market for.<\/p>\n\n\n\n

If you have any <\/b><\/i>questions about these factors, connect with a bank or credit union you can trust. That way, their home loan experts can help clarify any questions you have and provide tips on how to get your credit score or debt situated before applying for the loan.<\/p>\n\n\n\n

Understand the different home loans<\/b><\/p>\n\n\n\n

Whether you\u2019re a first-time homebuyer or you\u2019re more experienced, it\u2019s a good idea to dive in and understand the different loan options<\/a> that are available today.<\/p>\n\n\n\n

This is where knowing how long you want to be in your home will pay off. If you\u2019re planning on just a few years, then you might consider an adjustable rate mortgage. If you\u2019re thinking long term, a more traditional 15 or 30-year loan might be best.<\/p>\n\n\n\n

The VA loan<\/b><\/p>\n\n\n\n

Active Duty military and veterans should also consider using their VA home loan guarantee, which can reduce the out-of-pocket expense associated with completing a real estate transaction. A VA home loan<\/a> offers many benefits to a homebuyer, including lower interest rates, lower (or no) down payment requirements and no requirement for private mortgage insurance. Keep in mind \u2013 there are a few unique aspects of VA loans you\u2019ll need to understand. For example, the Veterans Administration requires specific kinds of home inspections, appraisals and a funding fee.<\/p>\n\n\n\n

If you decide a VA loan is right for you, work with a lender who knows the ins and outs of this loan. They can help answer your questions and keep the process moving quickly, which is crucial in a competitive market.<\/p>\n\n\n\n

With any home loan, there are additional costs that will impact your budget including insurance, taxes\/fees and titling of the property. You\u2019ll also need to think about how you\u2019ll pay for the routine costs that come with homeownership, like preventative maintenance and emergency repairs.<\/p>\n\n\n\n

Working with your lender<\/b><\/p>\n\n\n\n

Planning and preparation is just as important to your homebuying mission as the team you work with throughout the process. Surround yourself with helpful partners, like a lender that understands military homebuying, and a real estate agent who knows what\u2019s on your wishlist. Communication with this core team is critical.<\/p>\n\n\n\n

If you can respond to questions your lender has as quickly as possible, you can avoid any unnecessary delays.<\/p>\n\n\n\n

Buying a home is an exciting investment in your future. Crafting a plan when you first start the process can only simplify things, especially if you choose experienced partners who understand your needs and goals.<\/p>\n\n\n\n

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